If you`re receiving unemployment benefits from the state of California, you may have heard the term “EDD overpayment installment agreement.” This is a payment plan offered by the Employment Development Department (EDD) for individuals who have received more unemployment benefits than they are entitled to, resulting in an overpayment.
The EDD overpayment installment agreement is essentially a way for individuals to pay back their overpayment in manageable monthly installments. To qualify for this payment plan, you must have an outstanding balance of at least $100 and not be currently making voluntary payments.
To apply for the EDD overpayment installment agreement, you can either call the EDD at 1-800-300-5616 or log in to your UI Online account. Once you`ve applied, the EDD will review your application and determine your eligibility for the payment plan.
If you are approved for the EDD overpayment installment agreement, you will need to make monthly payments until your overpayment balance is paid off. The amount of your monthly payment will be based on your outstanding balance and the length of the payment plan.
It`s important to note that if you miss a payment or fail to make your payments on time, the EDD may take legal action to collect the overpayment. Additionally, if you become employed during the time you are making payments, the EDD may withhold a percentage of your wages until your overpayment is paid off.
If you have any questions or concerns about the EDD overpayment installment agreement, it`s best to contact the EDD directly for assistance. And, if you`re struggling to make your payments, be sure to communicate with the EDD to explore your options. With careful planning and communication, you can successfully pay off your overpayment and get back on track.